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Category > Accounting Posted 25 Sep 2017 My Price 7.00

capital balances

A partnership begins its first year of operations with the following capital balances:

Winston, Capital

$110,000

Durham, Capital

80,000

Salem, Capital

110,000

According to the articles of partnership, all profits will be assigned as follows:

• Winston will be awarded an annual salary of $20,000 with $10,000 assigned to Salem.

• The partners will be attributed interest equal to 10 percent of the capital balance as of the first day of the year.

• The remainder will be assigned on a 5:2:3 basis, respectively.

• Each partner is allowed to withdraw up to $10,000 per year.

Assume that the net loss for the first year of operations is $20,000 and that net income for the subsequent year is $40,000. Assume also that each partner withdraws the maximum amount from the business each period. What is the balance in Winston’s capital account at the end of the second year?

a. $102,600.

b. $104,400.

c. $108,600.

d. $109,200.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 06:09 PM My Price 7.00

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